Pinduoduo price target raised to $122 from $104 at Macquarie

Macquarie analyst Ellie Jiang raised the firm’s price target on Pinduoduo to $122 from $104 and keeps an Outperform rating on the shares post the Q3 results. The company reported a "high-quality beat" on all major key performance indicators despite a challenging macro environment, Jiang tells investors in a research note. The analyst expects Pinduoduo’s monetization progress to persist.